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Business Update
10 March 2020
Type
Written Ministerial Statement
Department
Department for Business, Energy and Industrial Strategy
At a Glance
Issue Summary
The statement discusses the acquisition of British Steel Limited by Jingye Group, securing jobs and investment.
Action Requested
Jingye has committed £1.2 billion to modernise sites and improve energy efficiency and environmental performance. The Government is offering support for those who have not retained their positions through the Rapid Response Service and National Careers Service.
Key Facts
- Jingye Group completed its purchase of British Steel Limited on Monday 9 March.
- Over 3,200 jobs are secured in Yorkshire and the Humber and the North East.
- The Government provided an indemnity to enable British Steel to continue trading during liquidation.
- Around 450 staff have not been retained.
- Jingye plans to invest £1.2 billion for modernisation and improved environmental performance.
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Assessment & feedback
Summary accuracy